Massachusetts General Laws ch. 65 sec. 15A – Settlement, compromise and advance payment of tax; powers of fiduciaries; funds from which payable
Section 15A. Unless there is a specific provision to the contrary in the will or trust instrument under which a person is serving as executor, administrator or trustee, such person shall have the authority to settle or compromise, and to pay in advance of the statutory due date, any Massachusetts inheritance tax. Payment of such tax shall be made from the principal of the fund upon which the tax is computed, and, if more than one fund is involved, may be apportioned among such funds in an equitable manner. If any such person shall determine in good faith that payment of any such tax in advance of its statutory due date would be inequitable to any income beneficiary of such fund, such person may make appropriate adjustment or adjustments at any time or from time to time for the benefit of such income beneficiary from the principal of such fund; provided, however, that no such adjustment shall confer an inequitable benefit upon such income beneficiary.
Terms Used In Massachusetts General Laws ch. 65 sec. 15A
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Executor: A male person named in a will to carry out the decedent
- Trustee: A person or institution holding and administering property in trust.